Indian businesses and the education community in the United Arab Emirates (UAE) hope to get a new dimension of relations during Prime Minister Narendra Modi’s upcoming visit this week.
Modi will arrive in Abu Dhabi on Saturday after wrapping up his two-day trip to France.
During the visit, he will hold talks with His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE and Ruler of Abu Dhabi.
The India-UAE Comprehensive Strategic Partnership continues to and the Prime Minister’s visit will be an opportunity to recognise opportunities to take it forward in various sectors such as energy, education, healthcare, food security, fintech, defense, and culture.
The meeting will also discuss cooperation on global issues, especially in the context of the UAE’s Presidency of COP and India’s G20 Presidency, of which the UAE is a special invitee.
Prime Minister Modi will return to India from the UAE on the same day.
This will be his fifth visit to the UAE, after the four previous visits in 2015, 2018, 2019, and 2022.
The Indian business community in the UAE is very positive about the upcoming visit.
People from industry and academia are seeing a new peak and possibilities with this visit.
The preparations for the IIT Abu Dhabi campus, which will start its first session from September 2024, are in full swing and the education world is hopeful that Modi will inquire about the progress.
This campus is starting with the partnership of IIT Delhi and the Department of Education and Knowledge — Abu Dhabi.
If current plans go as per schedule, the IIT Delhi’s Abu Dhabi campus will start its operations in 2024.
The first batch of students will start their academic session in September of the same year and this will be IIT’s first campus outside the country.
As per the plan, in the initial sessions, the IIT Delhi faculty will look after the quality and content on campus, while students will be selected through the IIT-JEE test.
Deepika Thapar Singh, Principal, and CEO of a CBSE school in Dubai, said: “This is an important moment for Indians, especially those living in the UAE. We have a large Indian community in the Gulf, many of whom consider returning to India after completing Class 12 to pursue further studies at prestigious Indian institutions, especially the IITs.
“Students will now have the option to stay in the Gulf and continue their studies at this prestigious institution that is sure to cater to their unique cultural, educational, and social needs. This will make studying a more comfortable and fulfilling experience. IIT degrees are recognised and respected in their country and globally, potentially leading to better job opportunities for these students.”
On the other hand, the business world has also high hopes for visit.
After the huge success of CEPA and the huge boom in India-UAE trade relations, now the business world is hopeful that Modi can talk meaningfully about the prevalence of the Indian payment system RuPay with this visit.
Although RuPay was launched during PM Modi’s visit in 2019, practically in the market, it is far behind Visa and MasterCard in the international market.
The UAE was the first country in the Gulf to launch RuPay and with the launch, 21 UAE companies have pledged to join the RuPay network.
UAE banks such as Emirates NBD, Abu Dhabi Bank, and Bank of Baroda are also part of the RuPay network.
Bharat Bhatia, Chairman & CEO, of Conares Steel, says:“Once again, we are very excited to hear the news that Prime Minister Narendra Modi is visiting UAE on July 15. We already have very good relations and his coming is very encouraging for Indian people.
“As a merchant, we would like to increase the usage of RuPay. Now I am hearing that RuPay is becoming more and more popular all over the world. is happening. We can try to facilitate this only if the banking community accepts them. But we really think that a local banking facility has to be added to support this initiative.
“But being an Indian in UAE, which is completing 40 years, I will be the first person to support any initiative taken by our government and being an Indian, it is the responsibility of every Indian to support the initiatives taken by the Prime Minister of our country. support.”
Azad Moopen, Founder Chairman & Managing Director, Aster DM Healthcare expressed his excitement about this visit and said: “As a strong advocate for the India-UAE Comprehensive Strategic Partnership, I welcome Prime Minister Narendra Modi’s visit to the UAE this week.
“This visit holds immense significance as it presents an opportunity to further enhance collaboration and explore avenues for growth across multiple sectors. With a focus on energy, education, healthcare, food security, fintech, defense, and culture, this visit will pave the way for deeper engagement and mutually beneficial outcomes. Additionally, discussions on global issues, considering UAE’s Presidency of COP-28 and India’s G20 Presidency, will strengthen cooperation and address shared challenges on the international stage.
“I believe that the discussions and engagements during this visit will not only strengthen the bilateral relationship but also benefit both nations by catalyzing advancements in healthcare delivery and innovation.”
Looking forward to PM Modi’s visit, Chandu Siroya, MD, Siroya Jewelers, who was the first to receive the consignment from India after CEP, said: “We are eagerly looking forward to the upcoming visit of Prime Minister Narendra Modi to the UAE, as his previous visits have consistently reinforced the strong bond between our countries.
“We are confident that this upcoming visit will lead to many promising announcements, which will further boost our development. Modi’s visit will add a different dimension to the relationship in terms of diplomacy and trade.
“As we all know, Modi enjoys good personal relations with the rulers of the UAE. Every Indian will benefit from this visit, as India and the UAE now share ties at multiple levels, including culture, entertainment, and import and export.”
Talking about RuPay, its widespread use will simplify transactions for Indian tourists in Dubai, thereby reducing exchange rate costs.
From a merchant’S perspective, RuPay offers lower processing fees than its competitors, making it a more affordable option for merchants. It provides greater flexibility and convenience, along with reducing transaction costs for both consumers and merchants.
Relation between India and UAE is giving an amazing opportunity to Indian startups, to launch their ideas in the international market through a friendly country UAE.
Startups are very excited about this visit as for many Indian startups in UAE, it is PM Modi’s first visit after their operation in UAE.
Aayushman Dalmia, the CEO and founder of Zoftware, a startup launched last year, said that: “As a tech startup founder, I see immense potential in operating out of India as much as I have seen here in UAE because I also see this as a great opportunity for Indian tech companies leaving a global footprint through us. Thanks to the recent developments especially in bilateral trade between UAE and India, the relationship between the two countries is now at an all-time high, one that it is today deep, strategic, and more than an economic partnership. And this is one reason why we are actively considering setting up a base in India and UAE, to tap into this growing synergy between the two countries.”
Praveen Sharma, founder and CEO of Dubai-based Meteora Developers said: “An overall stable economy and a positive growth outlook, 100 percent foreign ownership, and the availability of 10-year Golden Visas, we also have to credit India’s rising middle class that are turning investors here who are increasingly looking to make meaningful real estate transactions that will soon become even easier with modes like RuPay becoming a norm.”